See,check and buy

Before you make an investment in property,make a close scrutiny of the project and examine all the possibilities

Once again there is a spree of new launches by the real estate developers,but this time in the name of affordable housing. With attractive prices,buyers are lured to finally take that long pending decision of a house purchase. Particularly in the festive season. Often,one comes across buyers who are left in the lurch on one count or the other. One must realise that a house purchase is not like any other purchase; it is perhaps the largest one-time purchase which a householder makes in his lifetime. Therefore,all care has to be taken to ensure that the dream house will become a reality and not remain a mere dream.

LOOK OUT FOR OPTIONS
Before you decide on anything,look at various options. There are many sub-markets in the Delhi NCR where you may like to relocate. The city sub-markets are east,west,north and south. Within each of these,there are again further sub-markets. Then there are fringe markets at Gurgaon,Manesar,Bhiwadi,Faridabad,Noida,Greater Noida,Ghaziabad,Narela,etc. Look at each of these and weigh the pros and cons. Factors to be considered are the location of the childs school,the school bus route,distance to job of both self and spouse,availability of basic amenities,transport connectivity,etc. all of which determine the plus and minus of any location. One cannot generalise this and every householder needs to look at this and do an appraisal based on the peculiarities and requirements specific to his or her family. Remember,changing schools in Delhi NCR is a nightmare and in the process,you may even end up losing a precious year of the child. One should simultaneously decide on a budget.

AFFORDABILITY
How much can I afford? You need to ask yourself this question and find an answer to it. Only you can answer this question since you know best what is your income is. Based on the income of the family,work out expenditure and savings on a per month basis,you can decide on affordability. Factor in extra savings needed for emergencies. Then work out how much you can afford to pay every month as an equated monthly installment EMI towards the housing loan you may have to take. Remember,your age at the time of buying is important. Equally important is that you should remember that you have to chip in at least 10 to 15 percent of the price of the flat as an initial down payment. Do not forget to factor in all those extra expenses viz. car parking,club membership,interest bearing maintenance deposit,external development charges EDC in the case of Haryana,stamp duty and registration charges,loan processing fees,etc. On the internet,there are many EMI calculators where you can simply fill in a few details and you will get the EMI. See whether this monthly outgoing is what you can afford or not. Government employees must remember that if they stay in the flat which they buy,their HRA can easily defray the EMI expense they do not get HRA when they stay in government quarters.

SIZE OF THE FLATS
You also need to decide how much space you actually need. Do not get into the prestige issue of a two bed or a three bed. It is more a question of how much space you actually need depending on family size and other factors. These days,you have smaller options as well. Remember,sometimes,it is not just space but the quality of space and fittings that are more important. Functionality takes precedence over other factors when one talks of affordable urban housing.

You then have to start a search of all the options that are available in the Delhi NCR. You can do this by taking help of real estate portals. This will help you narrow down your search. You will get a fair idea of the market / sub-market in terms of prices and sizes of products available. Do not forget to look up all the recent editions of various newspapers. There are many developers whose projects may attract you. You need to do an appraisal before you close in on any one of them.